Oil Set for Sharp Weekly Drop but Middle East Supply Concerns Provide Floor
JPMorgan said inventories and trade flows show 1.4 million barrels a day of excess supply last month as Middle East exports recovered.
- Brent crude rose $3.67, or 3.88%, to $98.29 a barrel on Friday as new attacks on tankers fueled supply worries in the Middle East.
- Attacks on tankers in the Gulf continued at a near-record pace, with at least five vessels reporting incidents since Sunday, according to UK maritime security agency UKMTO.
- Eurasia Group raised the likelihood of a continued standoff to 30% from 15%, warning that conflict escalation could push Brent into a $110 to $125 per barrel range.
- Foreign Minister Abbas Araqchi discussed the "latest progress" in diplomatic efforts with Saudi and Qatari counterparts, while Saudi Arabia warned of potential danger in Yanbu from Houthi attacks.
- Democrats took control of the US Congress in Tuesday's midterm elections, while investors remain concerned about Iran's firm stance in negotiations and the ongoing US-Israeli war.
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World oil prices have risen, the value of the Brent barrel has risen above $100 due to possible security threats in the Middle East. The cost of the January Brent oil futures has risen by 2.1 per cent to $100.34 per barrel, writes The Wall Street Journal. The WTI barrel's price has increased by 1.6 per cent to $92. The price increase occurred after the Saudi Civil Defence Authority issued a warning on the potential danger near the Yanbu oil expo…
Oil prices rose for the second consecutive day in trading on Friday, with Brent crude once again approaching the $100 per barrel mark.
Oil prices rise as investors weigh renewed U.S.-Iran conflict risks after midterm elections
Oil prices rose Friday as investors weighed the risk of renewed U.S.-Iran military escalation after the midterms, alongside prospects for a diplomatic breakthrough.
Oil prices bounce back: Brent nears $100 after hitting a more than two-month low
Crude oil prices are on the upswing following major declines fueled by geopolitical tensions. Brent crude approaches the $100 per barrel threshold, while WTI records similar gains. Ongoing conflicts in the Middle East have disrupted refinery operations, leading to a notable drop in global refining activities, especially in Asia and Russia. However, the US has successfully ramped up refining inputs to mitigate worldwide shortages.
Channel News Asia
Oil set for sharp weekly drop but Middle East supply concerns provide floor
BEIJING, Nov 6 : Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump's party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market.Brent crude futures for January rose on
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